Fed Govt boosts mass transit with N15b

To encourage patronage of locally manufactured Mass Transit Buses, the Federal Government has dedicated N15 billion for interested individuals to be drawn from The Infrastructure Bank, Public Mass Transit Revolving Fund (PMTF).

The fund, which is at zero per cent interest, can only be accessed by operators of Mass Transit Services in the country specifically for the purchase of the buses.

Vice President Namadi Sambo, in a statement yesterday by his Senior Special Assistant on Media and Publicity, Umar Sani, made made this known when he chaired the special meeting of the Special Committee on National Mass Transit Framework at the State House in Abuja.

Noting that the funds was meant for the purchase of locally manufactured buses, he stressed the importance of accessing cheap financing to encourage local manufacture of the mass transit buses.

“There is a specific zero per cent interest rate money for the transporters to access but only to buy from local manufacturers,” he stated

He also directed the Ministry of Trade and Investment to meet with local automobile manufacturers to ascertain their production capacity to meet demand by operators.

According to him, the funds will also be extended to mass transit service in the country’s waterways and the railways.

The Vice President also set up a committee to be chaired by the Governor of Anambra State, Mr Peter Obi, to come up with terms for easy access to these funds by the operators. The committee is to submit its report in two weeks.